Loewinsohn Flegle Deary L.L.P.
There are many ways people take notice of our results, and while we aren’t affected by the press we get, the opposition is.
LFD retained to enjoin national banks from consummating plan to restructure commercial mortgage debt in excess of $7 Billion.
In 2007, various entitites related to the Extended Stay Hotels brand of hotels entered into financing arrangements in excess of $7 Billion with a group of lenders consisting of a senior loan and 10 mezzanine loans. In 2008, Merrill Lynch Mortgage Lending, Inc. (“Merrill Lynch”) sold a $20,000,000 loan participation interest in Mezzanine F to Atlas Venture I, LLC, (“Atlas”) a Dallas based investment fund. In May 2009, Atlas learned that a consortium including Wachovia, N.A., Bank of America, N.A., U.S. Bank, Maiden Lane Mortgage-Backed Securities Trust 2008-1 (a trust controlled by the Federal Reserve Bank of New York), BlackRock Financial Management, Inc., and/or Merrill Lynch intended to restructure the over $7 Billion in debt in a transaction with the borrower. The effect of this restructure would have been to eliminate close to $2.6 Billion of loan participations for the benefit of the banks and the borrower.
Atlas retained Alan Loewinsohn and LFD, who obtained a temporary restraining order on Atlas's behalf which temporarily enjoined the banks from consummating their proposed restructuring.
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